Monthly, the Department publishes the usury for the upcoming month. The usury rate is the maximum rate of interest which may be charged for loans of money by non-regulated lenders. The rate is equal to five and one half percent (5.5%) higher than the current cost of money as reflected by the average rate of interest payable on U.S. Treasury Bills maturing within six months; but in any event the maximum allowable interest rate ceiling may not be less than seven (7) percent. This limit does not apply to:
- Loans made to a foreign or domestic corporation; a foreign or domestic limited liability company; a cooperative corporation or association; a trust; or to a partnership; limited partnership, or association which files a state or federal partnership income tax return.
- Loans or forbearance of money, goods, or things in action the principal amount of which amounts to more than $35,000.
- Loans made by a lending institution which is regulated or funded by an agency of a state or of the federal government.
- A bona fide pawnbroking transaction.
Current Usury Rate (last update: January 6, 2021)